Constellation Energy-EDF Nuclear Joint Venture Receives U.S. Nuclear Regulatory Commission Approval
October 09 2009 - 4:04PM
Business Wire
Constellation Energy (NYSE: CEG) and EDF Development Inc. (a
wholly-owned subsidiary of EDF S.A.) today announced that the U.S.
Nuclear Regulatory Commission (NRC) has approved the investment
structure and license transfer related to EDF’s investment in
Constellation Energy Nuclear Group, LLC.
In a joint statement, the companies said EDF’s acquisition of a
49.99 percent interest in Constellation Energy’s nuclear assets has
now received all necessary approvals at the federal level and
clearance from the New York Public Service Commission.
“EDF’s investment in Constellation Energy’s nuclear assets
represents a unique opportunity to deliver significant economic,
energy and environmental benefits to a broad array of stakeholders
and would be a powerful catalyst for new nuclear development in the
United States,” the companies said. “Completing this nuclear joint
venture is critical to the proposed construction of a new nuclear
unit at Constellation Energy’s Calvert Cliffs Nuclear Power Plant,
which would represent one of the largest industrial development
projects in Maryland, creating 4,000 construction jobs, 400
permanent positions, and enough new, clean energy to power 1.3
million homes. This historic nuclear joint venture has the
potential to deliver extraordinary value for Maryland and we’re
eager to complete this transaction and begin delivering those
benefits as quickly as possible.”
NRC approval of the nuclear joint venture follows prior approval
from the Federal Energy Regulatory Commission (FERC) and clearance
from the Committee on Foreign Investment in the United States
(CFIUS). The companies are continuing to cooperate with the
Maryland Public Service Commission.
EDF Development Inc.’s interest in Constellation Energy Nuclear
Group will be structured as a new joint venture between the
companies.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading
supplier of energy products and services to wholesale and retail
electric and natural gas customers. It owns a diversified fleet of
generating units located throughout the United States, totaling
approximately 9,100 megawatts of generating capacity, and is among
the leaders pursuing the development of new nuclear plants in the
United States. The company delivers electricity and natural gas
through the Baltimore Gas and Electric Company (BGE), its regulated
utility in Central Maryland. A FORTUNE 500 company headquartered in
Baltimore, Constellation Energy had revenues of $19.8 billion in
2008.
About EDF Group
The EDF Group, one of the leaders in the energy market in
Europe, is an integrated energy company active in all businesses:
generation, transmission, distribution, energy supply and trading.
The Group is the leading electricity producer in Europe. In France,
it has mainly nuclear and hydraulic production facilities where 95%
of the electricity output involves no CO2 emissions. EDF’s
transport and distribution subsidiaries in France operate 1,274,000
km of low and medium voltage overhead and underground electricity
lines and around 100,000 km of high and very high voltage networks.
The Group is involved in supplying energy and services to more than
38 million customers around the world, including more than 28
million in France. The Group generated consolidated sales of € 64.3
billion in 2008, of which 47% in Europe excluding France. EDF is
listed on the Paris Stock Exchange and is a member of the CAC 40
index.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Securities Exchange Act of 1934, including, but
not limited to, statements relating to the prospects for the
proposed transaction between Constellation Energy and EDF. Such
statements are based upon the current beliefs and expectations of
our management and involve a number of significant risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of Constellation Energy and EDF.
Actual results may differ materially from the results anticipated
in these forward-looking statements. A discussion of the risks and
uncertainties that could cause Constellation Energy's results to
differ materially from those described in the forward-looking
statements can be found in Constellation Energy's periodic reports
filed with the Securities and Exchange Commission, which are
available at the Securities and Exchange Commission's Web site
(http://www.sec.gov) at no charge. Constellation Energy assumes no
responsibility to update any forward-looking statements as a result
of new information or future developments except as expressly
required by law.
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